Gas Prices Holding Steady, Future Still Uncertain
Thursday, September 4, 2008 – updated: 5:14 pm EDT September 4, 2008
While gas prices hold steadily below $4 a gallon lately, a local economic expert said the future is still uncertain.In West Virginia and Ohio, prices could be found ranging from $3.54 to $3.70 for a gallon of regular unleaded on Thursday.At a Sunoco station in Bridgeport, a clerk said prices dropped 5 cents during the day. Still, the prices are taking a big bite out of many people's budgets."(It's kind of a relief from a few weeks ago, but it's still way too high," said Stave Harcharik, of Rayland.Dr. Chris Stevens, an economics professor at Ohio University Eastern, said the cost of fuel has dropped off because oil speculators aren't driving prices upward.Stevens said the price of oil is dependent on estimates of future demand, and with uncertainty there, prices aren't spiking like they were a couple of months ago.He said weather could drive prices up, depending on how much damage hurricanes Hanna and Ike may cause. He also said he thinks prices could change after the presidential election is over.
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